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Thread: Payday loans

  1. #1
    Join Date
    Sep 2012
    Location
    UK
    Posts
    58

    Default Payday loans

    I hate this sort of thing. I think they're common in the USA and they're being pushed hard in the UK now.

    Very high interest rates that a lot of people find very hard to repay, leading to worse financial problems. I see the whole thing as very exploitative.

    Is there a lot of this sort of thing in NZ too?
    Last edited by James A; 10th October 2012 at 03:35 AM.

  2. #2
    Join Date
    Mar 2011
    Location
    UK
    Posts
    193

    Default

    Yes, there is. Arguably even worse than the UK on the basis that the initial cost of borrowing in NZ even from a reputable lender is high, plus the credit criteria in NZ is pretty dated and very tough, excluding many from mainstream loans.

    I've had the delights of dealing with some in my current role, they are even more shark like than in the UK, so able to take pleasure in not helping them and dishing out moral comments.

    Some actually make people sign that they will authorise contact with their employer to redirect part of their wages directly to the payday loan company in potential default; the cheeky [edited] write to employers demanding this happens trying to cite legal consequences, whereas in reality, such a document has no legal value or entitlement.

    The day all such lenders go under will be a golden day.....

  3. #3
    Join Date
    Sep 2012
    Location
    UK
    Posts
    58

    Default

    That's sad. I'd hoped for better - probably hoping for too much.


    Quote Originally Posted by edw123 View Post
    The day all such lenders go under will be a golden day.....
    Agreed.

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